An annual general meeting of FBR Limited (ASX: FBR) was held on 21 November 2018 at Whiteley Ballroom at the Amora Hotel Jamison Sydney, 11 Jamison Street, Sydney NSW 2000 where the chairman of the company has addressed its investors. In the meeting, he disclosed the successful completion of their first Hadrian X construction robot. He informed their investors that by using this robot, they were successful in achieving their milestone to build 3-bedroom, 2-bathroom house.
He also highlighted that FBR has a very dedicated team who has put in a lot of efforts because of which they were able to achieve the goal. He also expresses his excitement of working with such team.
The chairman also addresses that after the successful completion of the construction robot, the next target of the company is to demonstrate their achievement and the technology which they have used for this construction of 3-bedroom, 2-bathroom house to the commercial partners of the world.
The reason for the name change was that FBR represents their growth towards the global technology developer and the technology they use is not restricted to bricklaying only. The company also have plans to explore new technologies to enhance technological developments.
Further, in the FY2018, the company worked continuously to identify the key drivers which help them to reach their target market. Also, they focused on identifying the size of the market in which they are going to target Hadrian X construction robots. Currently, the company is working on the commercialization strategies for its construction robots.
Since the inception, the performance of the company is -64.58%. The 1 year, 5 years and 10 years performance of the company is -20.93%, 608.33% and -64.58% respectively.
For the year ended 30 June 2018, the company incurred a loss of $7,115,679. The financial health of the company is quite strong based on the balance sheet of the company. The net asset of the company is $43,613,010 which indicates that the company is in a position to clear its long-term obligations. Also, the current asset of the company is $30,416,732, and the current liabilities of the company is $2,841,258 which indicates that the company can meet its short-term obligations as well as able to meet its working capital. The net cash outflow from the operating activities was $4,142,463 where the major source of cash outflow was due to the payment that was made to the suppliers and the employees. The net cash outflow from the investing activities was $19,986,006 where the major cash was used for the development of the Hadrian X construction robot. The net cash inflow from the financing activities was $37,434,372. By the end of the year, the available cash of the company was $21,956,658 million.
Since the morning there was an increase in the share price by 2.941%. The current market price of the share is A$0.175 with the market capitalization of A$211.09 million.